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CU System

Irish regulator proposes emergency CU fund

DUBLIN, Ire. (11/10/08)--Ireland's credit union regulator has contacted the Irish League of Credit Unions and other associations, asking them to consider setting up an emergency fund in case credit unions need to cover liquidity requirements during the next few months. The regulator, Brendan Logue, also wrote to credit unions before their annual meetings and asked that any having difficulties in paying dividends contact him to discuss the situation (Irish Times Nov. 7). The newspaper said concern about investment losses and the economy might have sparked the move. The league, which represents 521 credit unions, has a savings protection plan that operates a fund of more than 110 million euros (US$179.5 million). The plan allows its affiliates to trade out of any difficulty they may experience. In September, the state increased the state deposit protection limit on accounts to 100,000 euros and included, for the first time, savings in credit unions under the plan.